Venture capital firm Draper Esprit PLC grossed £115 million through the placement of 20,238,095 new ordinary shares and subscription of 7,142,857 new ordinary shares at 420 pence apiece.
Draper Esprit CEO Simon Cook said in a release that proceeds from the offering — combined with the £61 million raised year-to-date across enterprise investment scheme, venture capital trust and secondary funds — will be used for further investments in the consumer technology, enterprise technology, hardware and digital healthcare sectors. The board added that it will channel the raised funds toward increasing its investments in its 31 portfolio companies and pursue new opportunities.
The allotment of the ordinary and subscription shares is conditional upon the company obtaining approval of the shareholders at a general meeting to be held June 13. The new shares are expected to start trading on the London and Irish stock exchanges June 14.
